On June 20, Aave founder Stani Kulechov stated that Aave V4 can be used to restructure the on-chain securities financing market. He noted that securities financing is one of the largest markets on Wall Street that receives little external attention, with securities collateralized loans already being a multi-trillion dollar business. The daily exposure in the U.S. repurchase market is approximately $12.6 trillion, with secured financing reaching $1.3 trillion, wealth management securities collateralized loans exceeding $400 billion, and around $4.6 trillion in assets in the securities lending market currently available for lending, generating a record $15 billion in revenue by 2025. Aave V4 utilizes a 'liquidity hub + modular market' structure, allowing for shared liquidity at the base level while establishing segmented markets with different risk parameters, asset ranges, and rules at the upper level. Aave V4 can support three core securities financing scenarios: securities collateralized loans, repurchase transactions, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repurchase transactions can leverage tokenized securities as collateral to borrow stablecoins with atomic settlement; in securities lending, the tokenized securities themselves can become borrowable assets, with lending income flowing directly to asset holders. Stani indicated that Aave V4 could adopt a single shared liquidity hub or split into multiple hubs based on asset categories and risks. The former offers deeper liquidity, while the latter provides stronger risk isolation. He believes the realistic path may start with unified liquidity and, as collateral types expand, gradually evolve into a multi-hub structure categorized by type and risk.
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Aave Founder: Aave V4 Can Restructure On-Chain Securities Financing Market, Targeting Trillions in Market Size
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